BWI Holdings, Inc., the small but growing Canadian based waste collection and processing company, has shown a remarkable ability to generate profit in spite of one of the worst economic downturns in memory. While many far larger companies have been scrambling just to remain in business, BWI continues to make money, moving forward toward its goal of becoming the #1 waste solution partner in North America.
One of the obvious strengths of the company is the simple fact that people require basic waste collection even in bad times. But commercial and industrial operations have been cutting back and closing their doors at an unprecedented rate, and less production means less waste material to be picked up and processed.
Nevertheless, even with drops in overall revenue, BWI reported revenue of $8,339,000 for the eight months ending December 31, 2008, with a net income of $153,000. This included positive revenue and net income figures for the last two months of that same period. In fact, the net income figures represent a substantial increase in profitability considering the magnitude of losses incurred in prior years while integrating and consolidating many different companies. In addition, higher gross margin percentages for the periods were evidence of the success of BWIâ€™s cost cutting and process improvement strategies.
Jim Can, BWI CEO, spoke of the significance of the achievement. â€œGiven the extremely tough economic climate that we have to deal with, we are very pleased that we can remain profitable and at the same time continue to give excellent customer service. I am extremely proud of our team who recognizes the tough economic times and is willing to persevere, work hard and maintain our strong momentum.â€ He went to say that they expect to continue growing company sales and improving profitability in the next fiscal year.
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